best practice for SQL connection string?

My web applications have my SQL connection string in the web.config file. It looks like this:

connectionString="Data Source=mydomain.com.....

Would connections speed up if I did something like DataSource = Localhost or the private-side IP, or something like that? Is what Im doing the best practice? I favor browsing speed for the end user (web visitor) above all else

The reason I use localhost is because the only thing that talks to my db is a small app that has all the web services. It always lives on the db server. My actual front end applications don't have connection

I always use localhost mainly because it makes it easy to copy from dev to staging to production. It makes it technically faster because there is no DNS lookup but I don't think you would notice as its cached after the first time.

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The reason I use localhost is because the only thing that talks to my db is a small app that has all the web services. It always lives on the db server. My actual front end applications don't have connection strings to the database.

I suppose if you have everything as one big application it would be bad practice to do it this way, but then I would consider it bad practice to have one big application ;)

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